《大行報告》花旗下調港燈-SS(02638.HK)目標價至4.45元 評級「沽售」
花旗發表報告指,港燈-SS(02638.HK)上半年股份合訂單位擁有人應佔純利9.82億元,按年升9.8%,達到市場對其全年度盈測的32.5%,高於過去五年中期盈利平均佔比水平,預期利潤增長是來自於不斷擴大的資產基礎驅動保證回報及財務槓桿改善。
該行表示,在美元利率趨升的預期下,港燈今年度約6.6%的股息回報率並不吸引,港燈未來或要通過增加分派來提升吸引力。即使利潤管制協議(SOC)下資本開支或較過去五年低出15%,惟考慮到2024至2028年利潤增長可能放緩,重申「沽售」評級。
同時花旗因應收入增加,將港燈2023至2025年淨利潤預測上調1.3%至5.3%;因SOC下未來資本開支減少,予目標價由4.6元下調至每股4.45元。
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